Do you own an LLC? Here’s your annual checklist
Attention small business owners! You’ve probably been given the advice to form an LLC to help keep you protected. While this is solid information, in order to maintain this protection follow these 4 simple steps as part of your LLC … Read More
How to handle meals and food-related expenses in 2018
In case you’re not aware of the new rules regarding meals and food expenses in your small business the Tax Cuts and Jobs Act changed things up a bit starting in 2018. Business owners now have to reevaluate their budget … Read More
How to handle that dreaded IRS notice in the mail
Did you know that every year the IRS mails millions of letters to taxpayers for many reasons? Are you one of the lucky ones to receive one? Don’t worry. Here are some suggestions for the taxpayer who receives that dreaded IRS … Read More
What’s the difference between bookkeeping and accounting?
The terms bookkeeping and accounting are often used interchangeably. You may have even made this mistake yourself. Because of this, it’s important to note there are some key differences between bookkeeping and accounting. While both are essential to your company’s … Read More
Retirement and HSA Contributions: How can they help you?
Using retirement contributions and a health savings account (HSA) to help reduce your immediate tax liability is a real way for tax savings. I highly suggest maxing out any retirement contributions possible. I also recommend contributing to your HSA, if … Read More
What the latest ruling means for sales tax for your small business
You may have read or heard about the latest sales tax ruling which allows states to change laws forcing online businesses to collect and remit sales tax. Now you’re wondering how this will affect you. Let’s take a look at how … Read More
Tax Reform Benefit for Small Business Owners
First things first, this new provision, Section 199A, as part of the Tax Cuts and Jobs Act allows for a 20% deduction for qualified business income deduction. There are exceptions and it can get complicated, but, to keep it simple, … Read More
What’s the best state in which to form an LLC?
What’s the best state to form an LLC? I get this question all the time. No. The answer is not Wyoming! Simply put, your domicile or home state is the best option. Don’t fall prey to the internet or your … Read More
How to hire a financial partner not a simple bookkeeper
Think back to when you started your business. Did someone tell you the first person you should hire is a bookkeeper? You should do this before you do anything else because finances are scary. Maybe they said bookkeeping is hard … Read More
Which software should I use for my bookkeeping?
I get asked often by small business owners which software I recommend for bookkeeping. My go to answer is QuickBooks. Most of the time I find it to be the best solution for small businesses. However, I also understand there … Read More